Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) today announced that the Phase II clinical trial of its long-acting version of human growth hormone achieved all it targets.
Prolor's product breaks down and is absorbed slowly in the body, so that a single weekly injection has the potential of replacing the seven consecutive daily injections need by currently marketed human growth hormones. Prolor said that all 39 patients in the trial showed normal levels of insulin-like growth factor 1 (IGF-1), which indicates that the growth hormone in functioning.
Prolor president Shai Novik told "Globes" that the trial's results exceeded expectations, and could enable the company to move directly to a Phase III clinical trial. The Phase III trial will include 150-200 adults with growth hormone deficiency and take six months to prove the treatment's efficacy and twelve months to confirm its safety. "We're working hard to submit the trial application in the first quarter of 2012," he said.
Novik added, "We believe that, within the coming year, we'll review financing alternatives, either from our investors or with strategic partners. We believe that soon after publishing the results, we'll know whether a strategic collaboration will be possible."
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) chairman Philip Frost owns 20.1% of Prolor.
Prolor's share price closed at $5.42 on the American Stock Exchange yesterday, giving a market cap of $294 million, and rose 2.4% by mid-afternoon on the TASE to NIS 19.30
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2011
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